I am a sole trader with a shop

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Post by stuart.13 » Tue Aug 17, 2010 12:56 pm
I am a sole trader with a shop.I owe jointly with my wife £53000 on personal credit cards. I have got a £1000 overdraft on my personal account. On my business account I have got a £15000 overdraft, would this be affected If I had an IVA. I need this business overdraft to continue trading.


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Post by Shining » Tue Aug 17, 2010 1:00 pm
Hi Stuart and welcome to the forum. As far as I'm aware all unsecured lending goes into the IVA overdraft included, it did in my proposal but I'm not a sole trader so it could be different for yourself. We'll keep this bumped up as a professional will be along very soon of that I am sure. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.

Michael Peoples

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Post by Michael Peoples » Tue Aug 17, 2010 1:02 pm
Hi Stuart and welcome to the Forum.
All debts would have to be included and you would need to source alternative banking facilities. However, if you did not have large debts to service the business could possibly trade on without an overdraft. Many people who enter IVAs save what they can before the IVA is approved to get a small contingency fund or a float to get them started.

If you own the shop it would need to be valued and if it is leased you would need to check the terms of that lease before you proceed. Speak to an IP firm for some free advice and hopefully you can get this situation resolved.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com

Tina Shortland

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Post by Tina Shortland » Tue Aug 17, 2010 1:17 pm
Hi Stuart - welcome to the forum. As michaels says the best thing you can do is get some specific advice regarding your circumstances to see what is possible.

There are highly recommended firms on here and who are also reviewed on www.iva.com. Its best to speak to 2 or 3 companies so you can compare what you have been told and decide on who you feel most comfortable with, all things considered.

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.


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Post by MelanieGiles » Tue Aug 17, 2010 9:32 pm
Do you have other debts with the bank who is providing the overdraft? If not, it may be possible to keep this creditor out of the IVA, so long as they agree and other creditors also ratify this. So long as you are not racking up more credit, and the bank is happy, I cannot see why this shoudl be a problem - and I have certainly brokered arrangements like this in th past.
Regards, Melanie Giles, Insolvency Practitioner
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